City shorts: James Halstead; Fairpoint; Assura
JAMES Halstead, the Radcliffe-based commercial flooring manufacturer and distributor, says it has seen a pick-up in sales over the last few months and now expects full-year profits to exceed last year’s haul.
In March the group said trading in the first half was challenging with sales up just 1.7%, but were showing signs of recovery between January and March.
In an update ahead of its full year figures for the year to the end of June, the group said the stronger period of trading had continued through April to June and though there has been a strengthening of Sterling this has not impacted on margins due to offsetting factors (principally raw material costs).
Halstead said: “In conclusion, as a result of improved trading conditions it is expected that profit before tax for the full year will exceed last year. Cash balances remain healthy and dividend expectations will be met for a 38th year of increased dividends.”
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FAIRPOINT, the Lancashire debt management company which recently branched out into legal services, said it is making progress integrating Yorkshire consumer law firm Simpson Millar.
The AIM-listed Chorley company said trading for the first half of 2014 has been in line with management expectations. It will publish its interim results on September 11.
Group net debt as at 30 June 2014, including asset related finance, was £7.1m (31st December 2013: net cash of £2.8m), which largely reflects acquisition activity, with £10.2m (including expenses noted above) invested in Simpson Millar and 9,000 sebt management cases across two back books.
Chief executive Chris Moat said: “The group has continued to perform in line with expectations and the integration of Simpson Millar is progressing well, providing the opportunity to accelerate the diversification of the group’s income streams.
“Having secured a new long term bank facility, we are in a strong position to pursue our strategy of selectively consolidating the debt solutions and legal services markets, where we can deploy our core skill of applying process to professional services.”
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WARRINGTON-based Assura Group, the primary care property investor and developer, said it had made good progress in a trading update covering the April to July 30.
Thanks to recent acquisitions the group’s annualised rent roll is now £48.9m, up from £41.8m in March.
Since the year-end Assura has acquired of MP Realty Holdings Group and Park Medical Services for an aggregate gross consideration of £119.3m, which includes the assumption of associated debt of £85.5m.
Chief executive Graham Roberts said: “The group has continued its strong progress into this financial year. We have an exciting development programme, have added to our strong portfolio, and now have a passing rent roll of £48.9m. We remain dedicated to delivering the high quality primary care space that this country increasingly needs.”
